| Index | Peabody | Massachusetts | National |
| Cost of living | 141 | 131 | 100 |
| Groceries | 109 | 109 | 100 |
| Health care | 113 | 116 | 100 |
| Housing | 205 | 169 | 100 |
| Transportation | 112 | 115 | 100 |
| Utilities | 116 | 117 | 100 |
| Lifestyle & Entertainment | 112 | 115 | 100 |
| Household Items | 110 | 109 | 100 |
| Education & Childcare | 125 | 127 | 100 |
Knowing the cost of living in Peabody allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Peabody stands at 141, marking it 41% higher than the national average.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Peabody is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Peabody falls into this category, which may not align with your goal of finding a budget-friendly living environment.
When it comes to the cost of living in Peabody, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 105.4% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Peabody affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Peabody, for instance, where the median home price falls 127.1% higher than the national average, and monthly rent rates are 55% higher than usual. Additionally, median income levels contribute to the equation, with Peabody flaunting a median household income of $118,214, 45.3% higher than the national norm.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Peabody, the transportation index is 12.1% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Peabody comes in at 15.9% higher than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
The cost of living estimates displayed for Peabody are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $142,980 | $11,915 | $3,336 | $4,290 |
| Renters | $74,956 | $6,246 | $1,749 | $2,249 |
| State | General Sales Tax | With Max Surtax |
| Massachusetts | 6.25% | 6.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Massachusetts | 5% | 9% |
| City | Population | Cost of Living Index | National Avg. |
| Lawrence, MA | 82,025 | 125 | 25.4% |
| Methuen Town, MA | 51,590 | 131 | 30.9% |
| Lynn, MA | 97,235 | 134 | 34.4% |
| Salem, MA | 44,881 | 135 | 35.3% |
| Chelsea, MA | 41,000 | 135 | 35.2% |
| Peabody, MA | 54,577 | 141 | 40.8% |
| City | Population | Cost of Living Index | National Avg. |
| Milford city, CT | 54,560 | 128 | 27.8% |
| Wheaton, IL | 54,594 | 126 | 26.2% |
| Revere, MA | 54,523 | 139 | 39.0% |
| DeSoto, TX | 54,643 | 102 | 2.4% |
| West New York, NJ | 54,664 | 130 | 30.2% |
| Peabody, MA | 54,577 | 141 | 40.8% |
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